Gaming Accessories Market will exhibit a CAGR of 12.30% in the forecast period of 2022-2030 and is expected to reach 15.2 Billion by 2030
Globally, the size of the Gaming Accessories Market is expected to reach USD 15.2 Billion at a CAGR of 12.30% during the forecast period 2022-2030 driven by The increasing adoption of smartphones.
Video game accessory is a crucial part of any video game console. It can enhance the overall video gaming experience. There are plenty of high-end gaming accessories available in the market. The web camera, joystick, virtual reality, and other accessories make the experience extraordinary. There are various types of inputs for any video game. Gaming is one o the fastest-growing entertainment industries in the world.
These online games have massive popularity among most of the population. High-end technologies are essential to gain an exceptional gaming experience. The gaming peripherals market is surging which is positively impacting the accessories market. These gaming accessories are suitable for many devices. They are effective n PC, smartphones, and gaming consoles.
The casual and professional gaming segments of the Gaming Accessories Market are witnessing high growth. However, casual gaming will lead to a high expansion rate for the market. In the upcoming years, the launch of VR in smartphones will create an immense impact on this market. These developments in the virtual world will lead to higher adoption of gaming accessories. Gaming Accessories Market Forecast that market value will increase by 15.2 Billion.
Covid 19 has had a significant impact on various global markets. The global economy is witnessing a downfall. Low demand and production rate of the business are affecting the profits. However, this period is advantageous for the gaming accessories market. Due to the lockdown, many are choosing the best games to entertain themselves. The number of game players is increasing in all the regions.
The Gaming Accessories Market witnessed a surging trend in this period. However, the lockdowns and restrictions decline the supply rates. The supply disruption during this period is massive. The demand is high but production rates have reduced rapidly. The gaming accessories market is facing difficulties in meeting the current demand. However, these challenges of the Gaming Accessories Market are expected to get better in 2022. Since the start of 2022, the production rates of the market are growing higher. As per the Gaming Accessories, Market Analysis growth opportunities for the market are rising.
The growing adoption of smartphones is a demand-driving factor in the gaming accessories market. Today, most smartphones come with VR technology. Individuals without gaming consoles can gain exceptional experience through smartphones. Advanced games and accessories are available for VR-enabled smartphones. The top gaming leaders are aware of the scope of VR/AR. introducing games with these features enables them to drive demand from smartphone users.
The integration of AR is another demand-driving factor in the market. Today, many game enthusiasts require extraordinary games. To achieve this demand audience gaming industry is using AR. Augmented reality is achieved through goggles and gaming accessories. By wearing these goggles users can experience high-end gaming. Also, the growth of e-sports is yeast another driving factor in the gaming accessories market. Through e-sports, users can enjoy advanced gaming.
These games require advanced keyboards, joysticks, gamepads, and much more. These e-sports are leading to new end users for the gaming accessories market. Furthermore, the top gaming regions such as china boost the overall growth of the Gaming Accessories Market. It is the high-grossing and largest region for video games. The surpassing demand from top gaming regions will lead to the high expansion of the Gaming Accessories Market.
The launch of the next-gen home consoles will lead to higher growth in the market. The top gaming services such as Microsoft, Nintendo, and Xbox are launching gaming consoles with next-gen accessories. Remote, headset, controllers, and media remote are some of the accessories with next-gen features. These accessories will attract plenty of end-users to the gaming accessories market.
The launch of the accessories will immensely raise the supply rate of the market. Also, in the next few years, there is going to be new game content with a high graphic feature. For this 4k gaming experience, the need for complex hardware is essential. These gaming content are developed due to the widespread demand of the audience. Some of the manufacturers are also developing 8K displays for the new high-graphic gaming content.
All these developments in the market will bring favorable changes. The adoption of gaming accessories will rise sharply in the forecast period. Furthermore, the rising competition among key players will lead to high market growth. The gaming accessories market is witnessing the entrance of new market players. This will lead to many innovations and drive competition in the market. These growth opportunities will enhance Gaming Accessories Market Revenue.
The high cost of gaming peripherals is a restraining factor in the Gaming Accessories Market. Gaming is one of the expensive industries. From gaming consoles and their accessories are higher. However, in recent years, they are becoming a bit more cost-efficient. Still, some of the high-end accessories are pricey.
The DPI mouse and ghost switch are some of the expensive accessories. This high-sensitivity mouse can create an exceptional gaming experience for the user. However, it is only affordable to some o game enthusiasts. The high cost can restrict the demand and expansion of the Gaming Accessories Market in upcoming years.
The wide range of substitutes in the market is a challenging factor. There are plenty of alternatives that can take over the demand of this gaming accessories market. Especially, there are local alternatives that can affect the demand of the market. Most users prefer cost-efficient gaming accessories.
However, this preference of the audience can lead to the adoption of generic gaming accessories. Instead, of licensed and brand accessories, ay receive poor-quality accessories. These substitutes can hamper the growth of the gaming accessories market.
Gaming Accessories Market Growth is substantial in the forecast period. The market is witnessing study growth due to the higher adoption of smartphones. Also, the demand from key end-users boosts the overall growth of the market. The cost of gaming accessories can hinder the growth rate.
High cost is a major challenge in the market. The key players are taming cost-cutting nativities to eliminate this issue. Also, a wide range of substitutes can reduce the adoption rate. However, the overall growth is surging due to the launch of next-gen gaming accessories.
The Asia Pacific is leading with higher Gaming Accessories Market Share. This key player includes China, Japan, India, Australian, and South Korean markets. These regions generate more than 40% of revenue for the global gaming accessories market. The amount of online gamers is surging in this region. In South Korea alone the gamer rate is 250 million. The growth is driven by the launch of e-sports.
It is a region that has high growth opportunities in malaises, Singapore, and Vietnam. The launch of the 5G connection in Asia will lead to higher demand for the market. The key players are launching new gaming accessories to meet the demand of the audience. This entire factor will make Asia pacific the profitable gaming accessories market.
By End-Use Type
The gaming industry is witnessing high competition. In the global Gaming Accessories Market, there are few vendors. It leads to more price competition.
In the next few years, new key players will enter. All this will lead to more collaborations, partnerships, acquisitions, and mergers in the market.
The region's gaming accessories market is diversified into Asia Pacific, Europe, and North America. Asia Pacific will outgrow another market with a high number of shares. China is the leading country with the highest contribution to the market. The number of accessories manufacturers is surging in these regions.
Europe and North America are the next largest key players with immense demand. The launch of more Esports will lead to high demand in all three regions. Innovations and new developments are high in these markets. Also, production and supply rates will reach a peak in the forecast period.
The key players in the gaming accessories market are
|Market Size||USD 15.2 Billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Device Type, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Market Opportunities||
|Key Market Drivers||
The global Gaming Accessories Market is expected to reach a value of USD 15.2 Billion by 2030.
The Gaming Accessories market is going to record a CAGR of 12.30%
Alienware (US), Logitech International SA (Switzerland), Razer Inc. (US) are the top names of the key players of the global gaming accessories market.
North America is supposed to be leading the global gaming accessories in the period of 2022–2030.
The global market for gaming accessories is touted to stagger in the period from 2022 to 2030.